Amazon is moving lower as expected, continuing its bearish trajectory after a clear breakdown below the corrective channel. The decline has been impulsive, with price now trading well below the 227 level, reinforcing the presence of strong selling pressure.
From an Elliott Wave perspective, the move can still be interpreted as an extended wave C. However, the structure appears incomplete, as five distinct subwaves have yet to fully develop. This suggests that the current decline may extend further before reaching a meaningful bottom.
AMZN Daily Chart
Looking ahead, key retracement levels come into focus. The 0.618 Fibonacci retracement near 193 and the 0.786 level around 178 represent potential downside targets. These zones could gradually form a more attractive support area where a rebound may develop.
That said, bearish momentum remains firmly in control. In the short term, traders should be prepared for continued downside within subwave “v” of (C) before any significant recovery takes place.
Highlights:
• Wave C breakdown below corrective channel confirms weakness
• 193–178 area can be attractive for a rebound
Comments
Log in or sign up to join the conversation.